Does your home loan still meet your needs?
An average home loan term is 30 years. Your needs change over the years, so why should your home loan stay the same? It’s important to review your home loan to ensure your loan is still suited to your needs.
To refinance means to switch from your existing home loan product to another. You could switch to a different loan product with your current lender, but it often means switching to a different bank.
Often the first question we are asked about refinancing is ‘Can I get a better interest rate?’. But there are many great reasons to refinance your mortgage.
A few reasons you may decide to refinance your home loan:
- To pay off your mortgage sooner
- To save money on your home loan
- To access equity in your property for renovations, life improvements or to take out another loan
- To consolidate debt – you may be able to add your credit card or personal loan debts to your mortgage
- To access additional loan features such as redraw facilities, flexible payments or an offset account
- To switch lenders – you may decide to switch from a bank to a non-bank lender. Some lenders are online only. As they don’t have branches, they often offer lower interest rates
- To take advantage of new incentives offered by a bank or non-bank lender. Lenders often advertise incentives such as ‘new customer discounts’ or reduced interest rates
It’s important to calculate how much it may cost you to refinance your mortgage. You need to check what’s currently available in the home loan marketplace, then compare the value of any offers and the loan’s overall cost before deciding to refinance. That’s where we can assist!
We will help you to compare your options, and to make the switch if it’s in your best interest!
Choose a Loanright Broker to be your advocate
Comparison
and Choice
There are hundreds of loans available in the mortgage marketplace, so why would you limit yourself to what your bank has available? As Mortgage Brokers we listen to you to understand YOUR needs, then we compare a variety of home loan products available from Australia’s leading lending institutions.
Keep Competition Alive
We work with multiple lenders, to keep competition alive.
If Mortgage Brokers were not in business, competition and choice in the home loan industry would decline. Bank power and the risk of higher interest rates would increase, leaving Australian’s to pay the price.
Stress-free Process
Once we’ve established which loan suits your needs, we’ll get to work on your application, complete all the paperwork and submit it to the bank on your behalf. Our aim is to save you time and stress, and to get things moving as quickly as possible so you can complete the refinance process sooner.
A Simple Way To Save
If there are savings to be made on your home loan, we’ll help you to make the switch. Now could be a great time to refinance. Why? Because the Reserve Bank of Australia (RBA) has dropped the cash rate to a record low, and lenders are currently competing hard for your business.
Testimonials
Luke was fantastic. He handled my complicated loan structure like and absolute pro, always answered his phone when I called, and in general made the process very smooth for a first time home buyer.
Luke had great attention to detail and was excellent in explaining our choices so that we could easily assess our finance options. Luke’s communication was clear and precise and he kept us informed throughout the whole process. We will absolutely be recommending Luke’s services to family & friends.
Hi Luke, Thank you so much for your patience and expertise. Without your help we weren’t likely to have gained approval to allow us to achieve our property goals. We’ll be sure to recommend you to all of our friends and family.
My husband & I are ecstatic with what Luke was able to achieve for us in a 4 & 1/2 day timeframe. We needed a pre-approval for an Auction on the Saturday. After having the run around around from another Broker for 2 weeks I called Luke on the Monday lunch time. Luke asked that I send everything through and he would have an answer to let us know if it was a ‘deal’ by 5pm that day. Luke called me at 3pm with an indicative response as he saw no issues to proceed with an application for finance. He was at our house 5:30pm that evening. Our circumstances were a “little outside of the box”. He spoke with us in regards to the lender he was looking at, to the detail of the product that would best suit us, repayments and explained the steps going forward. Luke had our application submitted the following day, our pre-approval followed on Thursday afternoon. We were successful at Auction on Saturday!!!
This is my 10th home I have purchased and the first time I have used a Broker and I was very impressed with the knowledge that Luke had. There was not one question he could not answer and he got us a better interest rate than the bank I have dealt with for the past 15 years. My bank would not give us the money to buy our latest home, but with the help of Luke he made this happen for us. I have already recommended him to a friend of mine and I would not hesitate in recommending Luke to anyone who was in the position of buying a home.
We have found Luke to be very accommodating to our needs in finding and setting up the right loan structures for us now and for the future, as well as helping us to understand the whole process. We would highly recommend Luke and loan right to anyone looking at purchasing a house or land.
Luke, just wanted to say thank you for everything you have done for me regarding the refinance of my existing property and purchase of my new property. It has been a pleasure dealing with someone with so much personal experience in property investment. Everything went so smoothly and I am extremely happy. Once again, thank you. I will not hesitate in recommending you to any of my friends when they are seeking finance.
Miracle Worker! When I first approached Luke for his services, I presented him with a pretty unrealistic situation where I had put an offer on land and had a very minimal deposit and limited time to arrange finance. With no hesitation what so ever, Luke immediately began helping us providing us with multiple finance options to work with. Luke was the first broker I had spoken to that I 100% understood when explaining how finance works! Although we did have a few hiccups with the banks during our process, Luke never presented an issue to me without a possible solution, he was willing to go over and above all expectation to help us through it and kept me informed every step of the way! Luke has helped us turn our dream into a reality in building our first home and I couldn’t thank him enough! I would have no hesitation what so ever in recommending him to anyone and look forward to working with him again in future!
Luke was very helpful on explaining all the processes buying a house here, always got back to us straight away with any questions and made buying our first house here in Australia very easy. A very friendly and approachable person.
Kelli worked with me to develop a plan of what I needed to do in order to apply for a mortgage. We stayed in regular contact as I achieved each milestone reviewing things along the way. It was great having a plan to work to, being in regular contact motivated me to reach each milestone. The application process was easy too – Kelli told me what I needed to provide and she did the rest. And best of all the whole process was done online and over the phone. Both Kelli and Luke were always available to answer any questions along the way. I felt really informed.
Refinance FAQ's
To refinance means to switch from your existing home loan product to another.
An average home loan term is 30 years. Your needs change over the years, so why should your home loan stay the same? It’s important to review your home loan to make sure it still meets your needs.
A few years into your mortgage, you may also notice better deals in the marketplace. Refinancing can allow you to take advantage of these offers.
Contact us today to see if there are savings to be made.
Refinancing costs vary, it depends on the T&C’s of your current loan.
Your current lender may charge penalty fees to switch your home loan, however this may be worthwhile depending on your reason for refinancing.
For example, any fees may be offset by the savings made on the new loan. Or if you’re refinancing to access funds for renovations or a new car, the refinancing fee may be cheaper than taking out an additional loan.
We’ll compare the value of any offers and the overall cost before assisting you to refinance your loan.
How much you could save depends on your individual circumstances. We need to look at how much you have left to pay on your loan and how long you’ve had the loan for, among other factors.
A recent RBA study found that for loans 4+ years old, borrowers are charged an average of 40 basis points higher interest than newer loans.
“For a loan balance of $250,000, this difference implies an extra $1,000 of interest payments per year,” explains the RBA.
If your loan amount is higher than the above example, or if your loan is older, then refinancing may save you even more than $1000 in interest payments each year. Contact us today to discuss your scenario and your refinancing options.
If you’ve had your current loan for more than two years, it’s time for a home loan review! Give us a call today on 1800 115 626 or enquire online.
We have strong relationships with more than 40 lenders. That’s hundreds of loan products!
As professional Mortgage Brokers we compare your options, provide choice, market knowledge, outstanding service and advocacy for you the borrower. Contact us today for an obligation-free quote.
Yes! You could switch to a different loan product with your current lender, but refinancing often means switching to a different bank.
We’ll assess your scenario, and then match you with the property finance product that best suits your needs.
And don’t worry about the paperwork required to make the switch, we’ll make sure the transition from one lender to another is hassle-free. Get started today.